Congratulations on purchasing your dream home and taking that exciting big step in life. Now the next step is getting set up with a first mortgage loan that works best for you and your financial situation.

At BHCU, our mission is always centered around providing our members a haven of financial stability and protection while helping them meet their financial goals and dreams. We help our members find trustworthy home loans that fit their needs and help them become a homeowner. 

What Is a Mortgage Loan

Everybody has heard the term mortgage, but unless you own a house, you might not know all that much about it. A mortgage loan is an agreement between you and a mortgage lender (typically a bank) to buy or refinance a home without needing to have all the money upfront. You can pay for the house over time, and the agreement gives the lender the legal right to repossess the property if you fail to meet the terms of your loan agreement. 

Almost everybody who buys a home will need a mortgage loan of some kind. Unless you can pay for the total amount of a home upfront, you will need a mortgage to cover the cost. Mortgage loans allow you to repay the money borrowed from the lender over time, plus a fixed interest rate.

How to Get Your First Mortgage Loan

Are you wondering how to get a mortgage loan? To qualify, lenders will typically look for a few qualifications from borrowers. Criteria include adequate income, regular employment and job history, and a good credit score. The process is relatively straightforward, so here is a quick outline of the steps you’ll need to take.

Step 1. Get Preapproved

Once you have a good credit score, have figured out your budget and how much you can afford, and found a trustworthy mortgage lender, you should apply for preapproval. The lender will review your finances and information, determine if you qualify for the loan and how much they are willing to lend you, and decide the interest rate. Most sellers won’t entertain offers from somebody who isn’t preapproved for the loan. 

Step 2. Shop For Home

After you are preapproved, hire a real estate agent and start viewing homes. With a clear view of what your budget is going to be, you can narrow in on the perfect home that fits your financial parameters. 

Step 3. Make An Offer

Once you find your dream home, your real estate agent will submit an offer and handle any negotiating with the seller. Once you find the house you want, you can submit your mortgage loan application.

Step 4. Get Final Approval

Even if you were preapproved for a loan, you still need final approval. An underwriter will verify the information and details in your application, as well as the details of the property. This usually involves getting an appraisal to confirm the value of the home, and an inspection of the property to ensure it is in a safe condition and passes all requirements.

Step 5. Close On Your Loan

When the loan is fully approved, you will meet with the lender and your real estate agent, you’ll put down your downpayment and closing costs, and sign your mortgage papers. After that, the home officially belongs to you!

Mortgage Loans with BHCU

With BHCU, the mortgage loan process has never been easier. We offer low fixed mortgage rate and adjustable mortgage rate loans and provide a first-time homebuyer program with as little as a 3% down payment. Our team of experienced home loan professionals is ready to help you get started on your dream home today. For more information about our mortgage loan opportunities, please contact us today or call 610-595-2929 to speak with our team of outstanding representatives.


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